Summary
In the face of record-high housing prices and economic instability, there are still options for those looking to start their home buying journey. First-time homebuyer assistance programs can offer a pathway to homeownership despite the challenges.
For many, homeownership feels out of reach, especially in today’s market where housing prices continue to rise and the state of America’s economy remains turbulent. However, hope is not lost.
First-time homebuyer programs provide down payment assistance and affordable mortgage options designed to help individuals enter the market.
* Importantly, OneUnited Bank’s home loan services and first-time homebuyer programs operate in select cities including Boston, Los Angeles, and Miami where we have physical branches. Our other services are available nationwide through our digital-first banking approach.
The Gen Z Housing Predicament
Gen Z faces a unique set of challenges when it comes to buying a home. An unstable job market, rising living costs, and substantial student loan debt make the dream of homeownership seem unattainable.
These financial hurdles have delayed traditional homeownership timelines, but positive efforts are being made to address these barriers. For example, Vice President Kamala Harris’s campaign initiative to provide up to $25,000 in down-payment support for first-time homebuyers aims to alleviate some of these financial barriers. This initiative, which focuses on working families and first-generation homeowners, underscores the growing momentum behind making homeownership more accessible.
Despite several barriers, Gen Z wants to establish its roots. According to a recent survey, 72% of Gen Z plans to purchase a home within the next six years. The key to turning this aspiration into reality in today’s market lies in tapping into available resources, such as first-time homebuyer programs and down-payment assistance initiatives.
First-Time Homebuyer Programs
At OneUnited Bank, we recognize the obstacles that first-time homebuyers face, especially those from less well-resourced backgrounds. To combat this, we’ve developed programs specifically tailored to assist in overcoming the high upfront costs of homeownership.
To begin the process, it’s important to identify first-time homebuyer programs in your area. For those in Boston, Miami, or Los Angeles, we work directly with local programs to provide pre-qualification letters, home loans, and support throughout the entire buying process. Be sure to consult with the appropriate program in your city to learn about qualifications.
Ready to Get Started?
If you’re ready to take the next step, we encourage you to explore our 30- and 15-year mortgage options, available exclusively in Boston, Los Angeles, and Miami. Working with us, you will have access to affordable mortgage solutions and the support needed to navigate your home-buying journey with confidence.
Don’t let the uncertainty of today’s market discourage you. With the right resources, homeownership is within reach! #BankWhereYouWantToBe
* Still have questions? Reach out to one of our loan consultants who can help you understand the process better.
